Meet the Washington Sugar Daddies Who Keep Wall St. Flush with Cash

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http://www.alternet.org/corporate-accountability-and-workplace/meet-washington-sugar-daddies-who-keep-wall-st-flush-cash

The finance, insurance, and real estate industries spend approximately $1,331 a minute on influencing our leaders. See how the worst of the worst stack up.



How much is democracy worth to you?

If you’re like most people, it’s priceless. But for the hedge funds and insurance companies on Wall Street, it does have a price tag. And now, thanks to a new report by Global Exchange, we know the number on it: approximately $4.2 billion. That’s how much the Finance, Insurance, and Real Estate (F.I.R.E.) sector has invested in political influence through campaign contributions and lobbying since 2006. That comes to $1,331 a minute spent on political power.

The new report is called “Meet the F.I.R.E. Sector: How Wall Street Is Burning Democracy.” It was developed by Elect Democracy, a nonpartisan effort by Global Exchange to expose and challenge the impact of corporate money in U.S. politics. The report contains extensive research tracking Wall Street’s investment in political power, and analyzes exactly how Wall Street has secured what Global Exchange calls “industry-loyal voting practices” in Congress: by shoveling stacks of campaign cash in the direction of Congressional hopefuls from both major political parties.

That money lets these industries get what they want in Washington. The F.I.R.E. sector contributed $879 million to members of Congress since 2006, and took positions on 383 bills during the 112th Congress. For instance, they supported Free Trade Agreements with Korea , Panama, and Colombia in 2007, and backed the bailout in 2008. Bills they opposed include the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2009, the Limited Homeowner and Investor Loss in Foreclosure Act of 2010, and the Stop Student Loan Interest Rate Hike Act of 2011.

At every turn, the F.I.R.E. sector demands special treatment for Wall Street while consumers, homeowners, and students get stuck with the bills. As Senator Bernie Sanders put it an interview with MSNBC this May, "Wall Street is extraordinarily powerful. Congress doesn't regulate them. The big banks regulate what Congress does."

That’s no exaggeration. The Wall Street banks that received the lion’s share of the $700 billion bailout in 2008 comprise the most vocal and deep-pocketed opposition to regulation of risky financial practices.